Investors Bancorp Closes Gold Coast Bancorp Acquisition

Investors Bancorp completed the acquisition by merger of Gold Coast Bancorp, the parent company of Gold Coast Bank, upon the filing and effectiveness of a certificate of merger with the New York Secretary of State and the Delaware Secretary of State.

Shortly after the effectiveness of the merger of the holding companies, Gold Coast Bank merged with and into Investors Bank. As of December 31, 2019, Gold Coast Bank had approximately $559.8 million in assets, $467.4 million in total loans and $465.0 million in deposits.

Investors Bancorp’s Chairman and Chief Executive Officer Kevin Cummings commented, “We are pleased to have completed the merger and we welcome the shareholders, customers and employees of Gold Coast Bank to our Investors Bank family. We look forward to delivering our exceptional banking services to our newest customers.”

The completion of the merger expanded the Investors Bank franchise by six branches in Nassau and Suffolk counties in suburban Long Island and one branch in Brooklyn, NY.

“The completion of this merger strengthens and deepens our presence in the suburban Long Island market,” said Cummings.

John Tsunis, chairman and chief executive officer of Gold Coast Bancorp, remarked, “We appreciate the support of Investors Bancorp’s balance sheet as well as its strong team of banking professionals in these perilous times. The merger will reinforce the efforts begun by Gold Coast Bank over a decade ago. Our customers will continue to be in safe hands with the many tools available with Investors Bancorp allowing for continued excellent service to all of our customers.”

As a result of the merger, Investors Bank will operate 154 branch offices, which are located throughout New Jersey, the suburbs of Philadelphia and the boroughs of New York City, as well as Nassau and Suffolk Counties on Long Island.

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